Previous Year Passive Loss Carryover
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toinettec
Returning Member

Previous Year Passive Loss Carryover

I have Passive Loss Carryovers from previous years.  They are NOT from a rental--they're from a publicly-traded partnership.  I can't figure out where these can be entered on TurboTax, and can't find any discussions with a similar problem.  I'd appreciate any help.

2 Replies
Anonymous
Not applicable

Previous Year Passive Loss Carryover

did you transfer data from 2018 to 2019?  if yes they should be there. look at the k-1's they'll be on in section A on page 3 of the input form. if there was a QBI loss, that doesn't transfer.  you'll need to find the Qualified Business income Carryover section (page 7) and enter any qbi C/O losses as a negative. 

 

DavidS127
Expert Alumni

Previous Year Passive Loss Carryover

There is "Describe the Partnership" screen (see below) during your K-1 entry. Select the "I have passive activity losses carried over from last year" line, and the following screens will have boxes for your carryovers from 2018.

 

If you have QBI loss carryforward, you will need to indicate that you have carryovers from the prior year, and manually enter that those carryforward amounts.   In TurboTax Online, you do this in the section Income>>Other Business Situations>> Net Operating Loss/QBI Carryforward Loss.  In TurboTax Download/CD versions, you use the path Income>>Less Common Business Situations>>Net Operating Loss/QBI Carryforward Loss.

 

Here is that "Describe the Partnership" screen where you indicate that you have passive loss carryforwards:

 

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